Saturday Papers: French buyout bosses join flight to London

Top stories

Financial Times: Several senior private equity executives based in Paris have decamped to London, adding to the number of business people and rich individuals leaving France in a climate of rising national taxes; Jean-Baptiste Wautier, who co-heads the Paris office of BC Partners, is planning to relocate his family to London next year, sources said.

Financial Times: President Barack Obama said he was “modestly optimistic” that a last-minute budget deal could be struck before the end-of-year fiscal cliff deadline after an hour-long White House summit between Democratic and Republican congressional leaders.

The Guardian: Hector Sants, Britain's top financial regulator during the 2008 banking crisis, has been awarded a knighthood, weeks before he takes up a new post at Barclays bank on a pay package worth a reputed £3 million.

The Daily Telegraph: Large banks risk getting caught in "perpetual" cycle of bankruptcy like aerospace companies and carmakers unless they radically alter the way they do business, according to a leading industry consultant.

The Guardian: Outgoing Italian Prime Minister Mario Monti has said he will lead a centrist alliance in an election in February, ending weeks of speculation over his political future and confirming his attempt at a second term.

Business and economics

Financial Times: Hewlett-Packard has revealed that it is mired in legal actions and is cooperating with the US Department of Justice over its claims that it was deceived into overpaying for its $11 billion acquisition of the UK’s Autonomy.

The Daily Telegraph: The number of first-time home buyers is at its highest since the financial crisis - with some help from the bank of mum and dad.

The Independent: Punch Taverns jumped yesterday after it emerged that Morgan Stanley had hiked its stake in the troubled UK pub owner to 12%.

Financial Times: Shares in the Indian telecoms mast operator Bharti Infratel plummeted on their trading debut in Mumbai yesterday, falling by just under 13% from the Rs220 listing price to Rs191.65 by the close of trading.

Financial Times: The vice-premier of the Netherlands has urged people to stop buying mushrooms from Albert Heijn, the leading Dutch supermarket, after revelations about oppression of foreign workers at local fungi farms by an investigative television show.

Financial Times: EDF, the French nuclear power group, has become embroiled in a controversy over its ties with China, sparking renewed speculation about the future of the company’s chief executive, Henri Proglio.

Financial Times: Lonmin, the London-listed platinum company that has been at the centre of the industrial strife in South Africa’s mining sector, has parted company with Ian Farmer, chief executive.

Financial Times: The UK’s decision to approve the controversial practice of fracking could turn the country into the European hub for the industry, according to Keith Cochrane, the head of Weir Group.

Financial Times: Italy sold €5.87 billion of five and 10-year bonds at auction yesterday at rates close to two-year lows, as investors appeared to shrug off worries over the political future of the country in the wake of Mario Monti’s resignation as prime minister.

Financial Times: The Japanese yen fell to its lowest in more than two years against the dollar yesterday, before finding support from haven buying after the latest fiscal cliff talks remained deadlocked.

Financial Times: Gold prices are heading for their smallest annual percentage increase in five years as demand growth in China and India, the world’s top buyers, slows.

The Guardian: The top 1,500 bank staff in the UK earned an average of £1 million each in 2011, according to new regulatory filings by major banking employers.

The Independent: Ratan Tata is stepping down as chairman of India's Tata Group; the 75-year-old will hand over control of the group, which owns Jaguar Land Rover in the UK, to Cyrus Mistry.

Share tips, comment and bids

Financial Times: Pearson is investing $89.5 million for a 5% stake in Nook Media, the joint venture between Barnes & Noble and Microsoft that runs the US retailer’s Nook ereader division, its ebook store and its 674 college bookstores.

Financial Times (Lex): Sants’ gong – A knighthood for the senior regulator at the UK’s Financial Services Authority in the run-up to the 2008 financial crisis should raise a few eyebrows.

Financial Times (Lex): Big brewers are battling the independents in the US market for highly flavoured beers that are made – or made to look like they are made – by small brewers.

The Guardian (Editorial): Barack Obama's primary objective should be to remind the Republicans that they have lost an election.

Daily Mail: Federal agents have launched an investigation into the software giant’s takeover by Hewlett-Packard last year, it was confirmed yesterday.

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